Bali Package- The recent negation in WTO
Almost a decade after the Doha round (Nov. 2001) of Ministerial level Conference, the Bali Package is the first agreement reached through World Trade Organisation (WTO). Bali package was finalized in the Ministerial level conference held at Bali, Indonesia from 3-7th November 2013.
The package includes:
- Lowering the global trade barriers, lowering import tariffs and agricultural subsidies. Such that the developing countries may find a level playing field with the developed countries in the global market.
- The developed countries would abolish hard import quotas on agricultural products from the developing world and would charge only tariffs on amount of agricultural product imports that exceeds a specific limit.
- LDC (Least Developed Countries) would be helped to build the infrastructure to implement the changes.
The agreement is hoped to reduce Red Tape and streamline customs. It would be legally binding on the members.